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On the profitability of innovative assets

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Successful innovative activity is a major contribution to the intangible capital of firms. Although its importance is generally acknowledged, the contribution to companies' profits is a priori unclear. We present the results of an empirical study on the effects of the patent stock on profitability. The database is a representative sample of German manufacturing firms and we use a number of control variables including measures of competition and firm governance. It turns out that the patent stock has a strong and robust effect on profitability.
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Document Type: Research Article

Affiliations: 1: Department of Managerial Economics, Strategy and Innovation, K.U. Leuven, 3000 Leuven, Belgium,Steunpunt O&O Indicatoren, K. U. Leuven, Leumen, Belgium,Centre for European Economic Research (ZEW), Mannheim, Germany 2: Department of Economics, University of Dortmund, 44227 Dortmund, Germany,Centre for European Economic Research (ZEW), Mannheim, Germany

Publication date: 01 June 2010

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